# Brighthouse Financial (BHF.US)

Canonical: https://gigainvestors.com/s/BHF

Analysis as of: 2026-10-16T07:26:55.775Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $48.70 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- positive earnings in fewer than 8 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 5

- Required profitable years: 8

- Return on common equity variation (informational): 6.27×

Chart: Net income; fiscal year observations.

- FY2016: -$2.9B

- FY2017: -$378M

- FY2018: $865M

- FY2019: -$761M

- FY2020: -$1.1B

- FY2021: $1.6B

- FY2022: $3.8B

- FY2023: -$1.2B

- FY2024: $286M

- FY2025: $331M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 0.1%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: -19.8%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: -19.8%

- FY2017: -2.6%

- FY2018: 6.0%

- FY2019: -0.3%

- FY2020: -0.5%

- FY2021: 0.6%

- FY2022: 68.2%

- FY2023: -24.6%

- FY2024: 5.8%

- FY2025: 4.9%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 3.0%

- Book return interval: 10 years

- Starting book value per share: $137.21

- Ending book value per share: $116.81

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 17.5%

- FY2017: 9.8%

- FY2018: -0.6%

- FY2019: 1536.7%

- FY2020: 29.3%

- FY2021: 18.9%

- FY2022: -97.5%

- FY2023: 1.6%

- FY2024: 9.7%

- FY2025: 47.3%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -7.2%

- Diluted shares, 5-year annual growth: -9.5%

- Share growth excluding flagged crisis recapitalisations: -7.2%

- Five-year share growth excluding flagged crisis recapitalisations: -9.5%

- Flagged crisis recapitalisations: 0

- Book value created per share: -$20.40

- Earnings retained per share after dividends and buybacks: -$80.33

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 26% since Nov 2025 · "BHF Q2 Earnings Miss Estimates, Investment Income Falls Y/Y" (finance.yahoo.com, Aug 2026) · net income +15.7%

Story as of 2026-10-16T09:58:23.910Z; price observation 2026-10-15.

- 2025-05-09: Brighthouse Financial Q1 Earnings Miss Estimates on Higher Expenses ([finance.yahoo.com](https://finance.yahoo.com/news/brighthouse-financial-q1-earnings-miss-130700289.html))

- 2025-08-08: Brighthouse Financial Q2 Earnings Miss Estimates on Lower Premiums ([finance.yahoo.com](https://finance.yahoo.com/news/brighthouse-financial-q2-earnings-miss-155900753.html))

- 2025-11-08: Brighthouse (BHF) Hits New High on Aquarian’s $4.1-Billion Buyout Bid ([finance.yahoo.com](https://finance.yahoo.com/news/brighthouse-bhf-hits-high-aquarian-101130560.html))

- 2026-05-08: Brighthouse Financial Q1 Earnings Miss Estimates on Lower Premiums ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/brighthouse-financial-q1-earnings-miss-155400390.html))

- 2026-08-07: BHF Q2 Earnings Miss Estimates, Investment Income Falls Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bhf-q2-earnings-miss-estimates-181300020.html))

### Net income · FY2025

net income +15.7%; source https://www.sec.gov/Archives/edgar/data/1685040/000168504026000011/bhf-20251231.htm; observed 2026-02-24.

- FY2016: -$2.9B 

- FY2017: -$378M 

- FY2018: $865M 

- FY2019: -$761M 

- FY2020: -$1.1B 

- FY2021: $1.6B 

- FY2022: $3.8B 

- FY2023: -$1.2B 

- FY2024: $286M 

- FY2025: $331M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance life; annual sales are USD 6.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1685040/000168504026000011/bhf-20251231.htm#000168504026000011 (filed 2026-02-24); FY2025: revenue 6766000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BHF.US: Brighthouse Financial, Inc. provides annuity and life insurance products in the United States. The company operates through Annuities, Life, and Run-off segments. The Annuities segment offers variable, fixed, index-linked, and income annuities for contract holders' needs for protected wealth accumulation on a tax-deferred basis, wealth transfer, and income security. The Life segment provides term, universal, whole, and variable life products for policyholders' needs for financial security and protected wealth transfer. The Run-off segment manages universal life with secondary guarantees, structured settlements, pension risk transfer contracts, various company-owned life insurance policies, and funding agreements. Brighthouse Financial, Inc. was founded in 1863 and is headquartered in Charlotte, North Carolina.

### Why customers stay

It earns 0.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on tangible equity observations [[2016,-0.1977526577849549],[2017,-0.026042025490871513],[2018,0.05999445138021917],[2019,-0.0034350610953376155],[2020,-0.004550827179763851],[2021,0.006079312732521976],[2022,0.6822700162660401],[2023,-0.2455998381549666],[2024,0.05767291792700141],[2025,0.04890661938534279]]; median 0.0013221258185921803. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 102 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,4446000000],[2017,1798000000],[2018,21000000],[2019,21000000],[2020,44000000],[2021,89000000],[2022,104000000],[2023,102000000],[2024,102000000],[2025,102000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1685040/000168504026000011/bhf-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 102000000 USD.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BHF.US SharesStats.PercentInsiders = 1.4200000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Closing price 48.7 USD; reporting-to-trading FX 1; FY2025 annual sales per share 116.77642056591206; price multiple 0.4170362455365061. FY2025 cash earnings/share -1.7604485512449055. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-07: $66.00 per share

- 2017-08: $57.07 per share

- 2017-09: $60.80 per share

- 2017-10: $62.18 per share

- 2017-11: $58.79 per share

- 2017-12: $58.64 per share

- 2018-01: $64.26 per share

- 2018-02: $54.27 per share

- 2018-03: $51.40 per share

- 2018-04: $50.78 per share

- 2018-05: $47.11 per share

- 2018-06: $40.07 per share

- 2018-07: $43.43 per share

- 2018-08: $41.51 per share

- 2018-09: $44.24 per share

- 2018-10: $39.63 per share

- 2018-11: $40.26 per share

- 2018-12: $30.48 per share

- 2019-01: $37.34 per share

- 2019-02: $38.72 per share

- 2019-03: $36.29 per share

- 2019-04: $41.79 per share

- 2019-05: $35.49 per share

- 2019-06: $36.69 per share

- 2019-07: $39.17 per share

- 2019-08: $35.26 per share

- 2019-09: $40.47 per share

- 2019-10: $37.76 per share

- 2019-11: $41.16 per share

- 2019-12: $39.23 per share

- 2020-01: $38.90 per share

- 2020-02: $35.84 per share

- 2020-03: $24.17 per share

- 2020-04: $25.71 per share

- 2020-05: $29.71 per share

- 2020-06: $27.82 per share

- 2020-07: $28.34 per share

- 2020-08: $30.36 per share

- 2020-09: $26.91 per share

- 2020-10: $33.10 per share

- 2020-11: $35.10 per share

- 2020-12: $36.21 per share

- 2021-01: $35.36 per share

- 2021-02: $39.89 per share

- 2021-03: $44.25 per share

- 2021-04: $46.79 per share

- 2021-05: $48.66 per share

- 2021-06: $45.54 per share

- 2021-07: $43.06 per share

- 2021-08: $48.96 per share

- 2021-09: $45.23 per share

- 2021-10: $50.23 per share

- 2021-11: $48.61 per share

- 2021-12: $51.80 per share

- 2022-01: $54.45 per share

- 2022-02: $52.26 per share

- 2022-03: $51.66 per share

- 2022-04: $51.36 per share

- 2022-05: $49.12 per share

- 2022-06: $41.02 per share

- 2022-07: $43.42 per share

- 2022-08: $47.55 per share

- 2022-09: $43.42 per share

- 2022-10: $57.07 per share

- 2022-11: $55.74 per share

- 2022-12: $51.27 per share

- 2023-01: $56.27 per share

- 2023-02: $57.83 per share

- 2023-03: $44.11 per share

- 2023-04: $44.20 per share

- 2023-05: $40.26 per share

- 2023-06: $47.35 per share

- 2023-07: $52.13 per share

- 2023-08: $49.66 per share

- 2023-09: $48.94 per share

- 2023-10: $45.30 per share

- 2023-11: $52.03 per share

- 2023-12: $52.92 per share

- 2024-01: $51.77 per share

- 2024-02: $46.55 per share

- 2024-03: $51.54 per share

- 2024-04: $48.25 per share

- 2024-05: $44.51 per share

- 2024-06: $43.34 per share

- 2024-07: $49.87 per share

- 2024-08: $45.90 per share

- 2024-09: $45.03 per share

- 2024-10: $47.30 per share

- 2024-11: $52.27 per share

- 2024-12: $48.04 per share

- 2025-01: $61.71 per share

- 2025-02: $59.31 per share

- 2025-03: $57.99 per share

- 2025-04: $58.22 per share

- 2025-05: $59.81 per share

- 2025-06: $53.77 per share

- 2025-07: $47.85 per share

- 2025-08: $47.26 per share

- 2025-09: $53.08 per share

- 2025-10: $57.07 per share

- 2025-11: $65.55 per share

- 2025-12: $64.79 per share

- 2026-01: $64.06 per share

- 2026-02: $59.98 per share

- 2026-03: $59.88 per share

- 2026-04: $62.26 per share

- 2026-05: $62.55 per share

- 2026-06: $63.30 per share

- 2026-07: $61.91 per share

- 2026-08: $53.02 per share

- 2026-09: $49.90 per share

- 2026-10: $48.70 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1685040/000168504026000011/bhf-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Einhorn](https://gigainvestors.com/GLRE): 2,842,100 BHF shares; USD 179,905,000 reported position value; 4.6% of portfolio; hold; quarter 2026 Q2.

# BHF — Brighthouse Financial Inc.

Held by 1 investor · USD 179,905,000 total · 2026 Q2 · reported price USD 63.30 (split-adjusted).
Page: https://gigainvestors.com/s/BHF

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Einhorn (https://gigainvestors.com/GLRE) | USD 179,905,000 | 4.6% | hold |

## Total held by quarter

- 2017 Q3: USD 412,955,302 · 1 holder · USD 60.80
- 2017 Q4: USD 645,040,000 · 1 holder · USD 58.64
- 2018 Q1: USD 567,456,000 · 1 holder · USD 51.40
- 2018 Q2: USD 497,293,223 · 2 holders · USD 40.07
- 2018 Q3: USD 594,780,566 · 2 holders · USD 44.24
- 2018 Q4: USD 162,807,426 · 2 holders · USD 30.48
- 2019 Q1: USD 202,471,854 · 2 holders · USD 36.29
- 2019 Q2: USD 204,883,344 · 2 holders · USD 36.69
- 2019 Q3: USD 237,233,117 · 2 holders · USD 40.47
- 2019 Q4: USD 227,845,879 · 2 holders · USD 39.23
- 2020 Q1: USD 132,430,983 · 2 holders · USD 24.17
- 2020 Q2: USD 126,942,688 · 2 holders · USD 27.82
- 2020 Q3: USD 109,318,807 · 2 holders · USD 26.91
- 2020 Q4: USD 133,201,918 · 2 holders · USD 36.20
- 2021 Q1: USD 163,535,543 · 2 holders · USD 44.25
- 2021 Q2: USD 168,249,538 · 2 holders · USD 45.54
- 2021 Q3: USD 179,484,807 · 2 holders · USD 45.23
- 2021 Q4: USD 196,423,247 · 2 holders · USD 51.80
- 2022 Q1: USD 187,922,962 · 1 holder · USD 51.66
- 2022 Q2: USD 143,570,000 · 1 holder · USD 41.02
- 2022 Q3: USD 145,092,272 · 1 holder · USD 43.42
- 2022 Q4: USD 163,840,976 · 1 holder · USD 51.27
- 2023 Q1: USD 137,744,194 · 1 holder · USD 44.11
- 2023 Q2: USD 147,861,881 · 1 holder · USD 47.35
- 2023 Q3: USD 153,805,842 · 1 holder · USD 48.94
- 2023 Q4: USD 161,068,529 · 1 holder · USD 52.92
- 2024 Q1: USD 155,741,665 · 1 holder · USD 51.54
- 2024 Q2: USD 128,851,164 · 1 holder · USD 43.34
- 2024 Q3: USD 130,228,966 · 1 holder · USD 45.03
- 2024 Q4: USD 136,198,060 · 1 holder · USD 48.04
- 2025 Q1: USD 162,435,615 · 1 holder · USD 57.99
- 2025 Q2: USD 148,410,416 · 1 holder · USD 53.77
- 2025 Q3: USD 148,204,668 · 1 holder · USD 53.08
- 2025 Q4: USD 180,900,159 · 1 holder · USD 64.79
- 2026 Q1: USD 170,184,948 · 1 holder · USD 59.88
- 2026 Q2: USD 179,905,000 · 1 holder · USD 63.30